Oakland County’s AAA rating helps Farmington Hills water project

Oakland County is helping the City of Farmington Hills place bonds for water supply system improvements at the lowest interest rates possible. Moody’s Investors Service and Standard & Poor’s have reaffirmed Oakland County’s AAA bond rating with a stable outlook, County Executive L. Brooks Patterson announced today. They assigned the rating to the county’s series 2014 Oakland County Farmington Hills water supply system improvement bonds.

“The county often uses its AAA bond rating to help our local governments fund capital improvement projects at the lowest interest rates possible,” Patterson said. “This collaboration between county and city saves taxpayers tens of thousands of dollars.”

Both bond rating agencies pointed to the county’s strong fiscal practices as the reason for awarding it the highest credit rating.

“We expect the county’s financial position will remain strong going forward owing to continued application of very solid fiscal management practices,” Moody’s said.

S&P agreed, also citing the county’s strong economy.

“Key strengths are management’s use of a three-year rolling budget and frequent budgetary adjustments through the year. …We consider Oakland County’s economy to be strong….” S&P said.